Ivanhoe Company purchased a new van for floral deliveries on January 1, 2017. The van cost $64000 with an estimated life of 8 years and $12000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the depreciation expense for 2017?

Ivanhoe Company purchased a new van for floral deliveries on January 1, 2017. The van cost $64000 with an estimated life of 8 years and $12000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the depreciation expense for 2017?

$16000.

$8000.

$6500.

$13000.

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